Internet Computer’s ICP token is feeling the heat this July 4th as a Russian-linked malware campaign sends shockwaves through the crypto landscape. With ICP prices tumbling 5.18% to $4.8373 in the past 24 hours, the decline outpaces the broader crypto market’s more modest half-percent dip. This sudden downturn comes on the heels of unsettling revelations from cybersecurity firm Koi Security. The firm uncovered a web of malicious browser extensions targeting cryptocurrency users, further unnerving an already jittery market.
Malicious Extensions Target Crypto Wallets
Koi Security’s report highlights over 40 fake Firefox add-ons masquerading as popular crypto wallets, including MetaMask and Coinbase. These devious extensions have been compromising user credentials since at least April 2025. The cybersecurity firm traced technical metadata back to Russian-speaking actors, raising the specter of state-sponsored cyber warfare. As these phony extensions continue to lurk in browser stores, crypto investors are on high alert. For more on how these malicious extensions are affecting Firefox users, see our report on the crypto theft campaign.
“The implications of this are profound,” noted cybersecurity analyst Elena Petrova. “This attack directly targets the trust foundation that decentralized finance relies upon.”
Market Reaction and Technical Breakdown
The market’s response was swift and severe. ICP breached key support at the $5.00 mark, with CoinDesk Research’s technical analysts observing a descending channel formation. Sharp selloffs at 12:00 and 20:00 UTC on July 3 saw trading volumes spike, underscoring the heightened volatility that ICP is grappling with.
What does this mean for traders? The token’s price dipped to a temporary support level at $4.88, hinting at a potential base. However, a mild recovery attempt stalled at $4.89, leaving market participants wary of further downside.
“Volume exceeding 94,000 units during the 06:27–06:30 window suggests institutional players are either exiting or positioning defensively,” remarked crypto analyst Jordan Liu. “This isn’t just retail panic.”
Broader Implications for the Crypto Ecosystem
The fake wallet attack has escalated concerns about security risks within decentralized ecosystems. For projects like Internet Computer, which emphasizes on-chain infrastructure and self-custody, the reputational damage could be significant—even if the protocol itself wasn’t directly compromised. A similar threat is posed by the ‘SparkKitty’ Trojan, which we explored in our analysis of its impact on crypto wallet data.
This incident is yet another reminder of the precarious intersection between cybersecurity threats and the volatile world of cryptocurrencies. With macroeconomic uncertainties and fragmented global regulations already clouding investor sentiment, the addition of cybersecurity risks only compounds the challenges facing the market.
Looking ahead, crypto investors are left pondering the potential for further turbulence. Will the market shrug off these security concerns, or will the specter of malware continue to cast a shadow over digital assets? As the crypto community grapples with these uncertainties, one thing is clear: vigilance and robust security practices are more crucial than ever.
Source
This article is based on: Russian Malware Campaign Adds Downward Pressure to Internet Computer’s ICP Token
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
